Earlier this month, Hapeville Mayor Alan Hallman delivered his State of the City 2015 address during the city council meeting. While he touched upon highlights such as the Porsche headquarters announcement bringing an additional 100 jobs, the news that Google Fiber chose Hapeville as a location to invest in new technology and the fire department being one of only 750 jurisdictions out of 48,000 to receive an ISO rating of 2, he also had not-so-shinning statistics.
Once again the city will need to tap into its fund balance to balance the 2015 budget. Mayor Hallman showed where the balance was nearly $4 million in 2010 and dipped below $1 million in 2014.
With expenditures outweighing revenue, the balance is expected to end the year at $274,507.
Residential property values had dropped about 57 percent, Hallman said.
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